The government on Friday reconstituted the Planning Commission that will have Montek Singh Ahluwalia [ Images ] continue as deputy chairman and three new members, including former member of the PM's economic panel Saumitra Chaudhuri.

Ahluwalia is the first plan panel deputy chief to get second term.

A close confidant of Singh, Ahluwalia played a key role in formulation of policies of the previous United Progressive Alliance [ Images ] government and his retention would ensure continuity in the policies of the government.

He was also instrumental in framing India's [ Images ] response to the global financial crisis and represented the country at important meetings such as G-20.

The newly-constituted Planning Commission will also be providing inputs to the budget for 2009-10 which is likely to be tabled in Parliament during the first week of July.

The other important task before the new panel would be to undertake a mid-term review of the ambitious Eleventh Plan that aimed at raising the economic growth to 9 per cent during the plan period (2007-12).

However, the global financial crisis pulled down India's growth rate to 6.7 per cent during the 2008-09 derailing the growth targets.

Even during the current fiscal, the Reserve Bank has projected a growth rate of 6 per cent.

Also, President Pratibha Patil [ Images ] during her address to the joint session of Parliament said on Thursday, "The current financial year is expected to see a slowing down of growth on account of global recession."

As part of the mid-term review exercise, the commission will be required to have a relook at the growth targets and rework the strategy to put India on a high growth trajectory.